USD/CAD: wave analysis
25 July 2019, 09:38
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3131 |
| Take Profit | 1.3294, 1.3360 |
| Stop Loss | 1.3013 |
| Key Levels | 1.2910, 1.3013, 1.3294, 1.3360 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3010 |
| Take Profit | 1.2910 |
| Stop Loss | 1.3070 |
| Key Levels | 1.2910, 1.3013, 1.3294, 1.3360 |
The pair may grow.
On the 4-hour chart, the downward correction of the higher level developed as the wave (2), within which the wave C of (2) formed as a momentum. Now, the development of the third wave (3) is beginning, within which the first wave of the lower level (i) of i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.3294–1.3360. In this scenario, critical stop loss level is 1.3013.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3013 with the targets at 1.3294–1.3360. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3013 will let the pair go down to the level of 1.2910.
On the 4-hour chart, the downward correction of the higher level developed as the wave (2), within which the wave C of (2) formed as a momentum. Now, the development of the third wave (3) is beginning, within which the first wave of the lower level (i) of i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.3294–1.3360. In this scenario, critical stop loss level is 1.3013.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3013 with the targets at 1.3294–1.3360. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3013 will let the pair go down to the level of 1.2910.
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